Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Trinidad & Tobago

Population: 1,394,973 GDP (USD): $24.1 billion GDP Per Capita (USD): $17,398 GDP Contribution by Sector : Agriculture 1.03%, Industry 42% and Services Sector 55.11% (2018 est)

Official Exchange Rate (per US Dollar): 1 USD = 6.72105 TTD Ease of Doing Business Rank 2020: 105 of 190 countries

Trinidad and Tobago possesses large reserves of oil and gas - the exploitation of which dominates its economy. This feature also makes the island nation an excellent investment location for international businesses. The twin island republic also acts as a natural launching pad into the Caribbean and the Americas. Targeted Sectors for Investment: Light Manufacturing; Creative Industries; Maritime, Information & Communications Technology (ICT); Clean Technology; Tourism.

Incentives:

• Manufacturing 1. Customs duties on the construction of an approved project; 2. Value Added Tax; and

3. Income tax on dividends or other distribution, other than interest, out of profits derived from the manufacture of the approved product during the tax holiday period Exemptions from Customs Duties on raw materials, machinery and equipment and in some cases packaging material based upon the provisions of the Third Schedule of the Customs Act, Chapter 78:01 (as amended). Where a person carrying on a trade incurs capital expenditure on the provision of machinery or plant for the purposes of that trade, there shall be made to him, for the year of assessment in the base period for which the expenditure is incurred, an allowance (in this Part referred

Investment Framework in Select CARIFORUM Countries

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